French bank Credit Agricole posted a 2.6 percent increase in first quarter net income boosted by firm investment banking activity and lower costs for covering its risks. The listed arm of the bank reported net income of 784 million euros ($878 million) for the first three months while revenues rose 7.5 percent to 4.359 billion euros.
Volatile financial market trading and booming corporate bond issuance helped the corporate and investment banking business grow its revenues by 24 percent to 1.23 billion euros.
"The whole fixed income platform has been doing really well," chief financial officer Bernard Delpit told journalists on a conference call.
The bank's savings management and insurance business saw revenues rise 10 percent to 1.431 billion euros with net new inflows in asset management reaching a record 24 billion euros.
Overall provisions for risks fell by over 19 percent 477 million euros on lower risks in French retail banking and a 36 percent drop in provisions at Agos Ducato, the bank's Italian consumer finance unit.
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